"The ECB has now done as much as the Fed to stimulate the economy – but finds itself on much riskier ground.
More than three years after the financial crisis that erupted in 2008, who is doing more to bring about economic recovery, Europe or the United States? The US Federal Reserve has completed two rounds of so-called ‘quantitative easing', whereas the European Central Bank (ECB) has fired two shots from its big gun, the so-called long-term refinancing operation (LTRO), providing more than €1 trillion in low-cost financing to eurozone banks for three years."
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